Rate on 30-year mortgage falls to record 3.87 pct.
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Rate on 30-year mortgage falls to record 3.87 pct.
WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed. + [9 W" }1 Z7 B
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That below the previous record of 3.88 hit two weeks ago.
# [- Q0 R$ U( ~The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.
. h# B0 G2 ^% U8 i3 OMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. " v) r) T1 N7 z+ O' Q- |
Rates have been low for more than a year, and the average rate on the 30-year loan has hovered near 4 percent for more than three months. Yet few people can afford to buy a home or qualify for a loan. Those who can have already done so. % [# M+ x- Q! F& m
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don't want to sink money into a home that they fear could lose value over the next few years. 9 T2 S# ]! O2 x, u- Y& `4 z
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
& j* T* ~# H T) QBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. ( ~: j) H4 j& F) Q7 @+ ]4 E0 T
! Y7 P! a9 H& {' F6 mMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
5 W6 s! l, w+ h2 }) q/ dTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
3 d" T8 _9 W {" p5 g5 o% @The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. " ?/ |" w7 W& j2 A
The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8.
7 [8 N; y0 I: G% \! {$ UFor the five-year adjustable loan, the average rate fell to 2.80 percent from 2.85 percent. The average on the one-year adjustable loan rose to 2.76 percent from 2.74 percent.
* G$ e' i6 P" \3 YThe average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6. |
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